Bitcoin plunges over 20% in another sign of global market nerves

Bitcoin plunges over 20% in another sign of global market nerves

Bitcoin prices slipped on Saturday as the world’s largest cryptocurrency was trading at $47,164.46 down 16.6% in the last 24 hours, according to CoinGecko. Bitcoin plummeted in early hours on Saturday, falling nearly $10,000 in an hour to a temporary low of $42,000 before bouncing up to $47,000.  

About $2.4 billion of crypto exposure, both long and short, was liquidated on Saturday, the most since September 7, according to data from Coinglass.com. Bitcoin has shed about $21,000 since hitting a record on November 10 of $69,000.

The largest digital token fell as low as $42,296 before paring some of the tumbles. It was trading at about $47,600 as of 1:50 p.m. in Singapore on Saturday, a drop of about 11%.

Bitcoin

Ether, the second-largest token, fell as much as 17.4% before trimming the retreat to about 10%. The overall crypto sector has shed around a fifth of its value, sliding to $2.2 trillion, according to tracker CoinGecko.

Other major cryptocurrencies like Solana, Shiba Inu, Cardano, and Polygon also tanked 13 to 20 percent during the day. The global market cap also showed a sharp decline over the past 24 hours, standing at $2.23 trillion.

This was a 14.64 percent decline over the past 24 hours, data from CoinMarketCap showed. On the other hand, the total crypto market volume tracked a sudden increase. The volume of traded coins over the last 24 hours stood at $199.83 billion, which is a 76.05 percent rise, data showed.

Meanwhile, GreenTrust, valued at $0.00000002441 was the top loser in the global crypto pack. The coin declined 92.85 percent over the day. Pegaxy and YearRise occupied the second and third positions according to data. On the other hand, Chipz became the top gainer in the crypto pack on Saturday. Over the last 24 hours, the value of one coin increased by 386.65 percent.  

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